The 28-year-old Gurpreet looked in good shape at one stage to take the silver before slipping to the fourth post a three-way tie and a shoot-off in the second stage of the final.
American Keith Sanderson and Alexi Klimov of Russia bagged the silver and bronze medal respectively.
Two quota places were up for grabs in the event as German gold medal winner Christian Reitz had already sealed his quota earlier and Gurpreet had to finish among the top-3 to bag the quota but he let it slip out of his hand.
His fourth place finish is still Gurpreet's best performance of the year after disappointing performances in the earlier World Cups in Changwon and Fort Benning. He had finished fourth way back in 2010.
A double Commonwealth Games gold medallist, Gurpreet had won a bronze at the Asian Championships in Tehran two years ago.
Indian trio of Gagan Narang, Chain Singh and Surendra Singh Rathod crashed out from the qualification rounds of the Men's 50m Rifle Prone event.
Olympic champion Abhinav Bindra had ensured India their fourth quota place on the opening day of the competition with a sixth place finish in the Men's 10m Air Rifle event.
Among other Indian shooters, Jitu Rai, Gagan Narang and Apurvi Chandela have already booked an Olympic quota.
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